1. (a) Prior written approval of the commissioner must be obtained for the payment of dividends when the credit union is subject to a cease and desist order or is otherwise notified that it is deemed to be in a troubled condition.
2. (b) Dividend eligibility shall be prescribed by written board policy.

Source Note:The provisions of this §91.902 adopted to be effective March 8, 1984, 9 TexReg 1156; amended to be effective July 8, 1994, 19 TexReg 4941; amended to be effective August 14, 2000, 25 TexReg 7637.